“Bulls” failed to settle in the oil market. Oil prices are back to lowering.
Oil quotes got under pressure after Khalid Al-Falih, the Saudi Minister of Energy, said that it was too early to forecast OPEC+ countries to reduce oil production. Traders’ concerns tarnished a positive attitude towards the upcoming meeting.
The Brent benchmark lost about 2% right after this news and lowered to $61 per barrel. However, most of oil traders keep hoping for the OPEC+ meeting to be productive.
The WTI crude oil is also attempting to correct and gradually approaching $53 per barrel.
The data from the American Petroleum Institute turned out to be another factor weighting down oil prices. The report showed a weekly rise in the US stockpiles of crude oil of 5 million 360 thousand barrels. Investors are awaiting official data which is anticipated to be similar.
Meantime, the commodity currencies have no chance to resist the greenback today. Since the US dollar recovered in the Wall Street trade, the USD/CAD pair has been in uptrend nearing to 1.3300.
As for the ruble, it tries to firm against the American currency today. The dollar/ruble pair attempted to touch 67.00, yet, it failed to reach the target. The pair’s chart shows a stepwise approach to 66.60.
Experts believe the pair may reside near its previous lows until the US labor market data is released on Friday. The outcome of the OPEC meeting in Vienna is the key to the further movement of oil quotes.